Latham Guides UGI In $2.4B AmeriGas Buy

By Chelsea Naso (April 2, 2019, 4:42 PM EDT) -- In a deal led by Latham & Watkins LLP, energy distributor UGI announced Tuesday it will shell out $2.44 billion in cash and stock to buy out the rest of AmeriGas it does not already own and abandon the retail marketer's master limited partnership structure.

Pennsylvania-based UGI Corp. will pick up the 69.2 million publicly traded AmeriGas Partners LP units it does not currently hold, according to a statement. As part of the transaction, UGI — which is AmeriGas' general partner — plans to scrap AmeriGas' MLP structure and make it a wholly owned subsidiary.

UGI President and CEO John L....

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